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Bank of Maharashtra Personal Loan Closure

Bank of Maharashtra Foreclosure Charges

Last Updated 24th May 2021

  • Bank of Maharashtra Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Bank of Maharashtra Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Bank of Maharashtra branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed Allowed at
Foreclosure fee Allowed Allowed at Nil prepayment charges
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Bank of Maharashtra Personal Loan Pre-Closure

Foreclosure of Bank of Maharashtra personal loan refers to a situation where the borrower pays back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, the borrower will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Bank of Maharashtra allows part payment of personal loan after 1 Month at Nil prepayment charges

Steps of Bank of Maharashtra personal loan pre closure are as follow:

  • Visit the Bank of Maharashtra branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Bank of Maharashtra.
  • Pay the outstanding loan amount as well as the foreclosure charges of the bank.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that the borrower has paid the loan amount and there are no further outstanding dues left.

Bank of Maharashtra Personal Loan Part-Payment

Apart from foreclosing of Bank of Maharashtra Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Bank of Maharashtra allows part payment after 1 Month at

Fee and Charges of Bank of Maharashtra Personal Loan Closure

Fees and charges associated with personal loan closure for Bank of Maharashtra Personal Loan are listed in the table below:

Part Payment Fee Allowed Allowed at
Foreclosure fee Allowed Allowed at Nil prepayment charges

Bank of Maharashtra Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. Bank of Maharashtra Personal loan Pre-closure is the situation where the borrower repays the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for the Pre-closure of Bank of Maharashtra Personal loan are as follow:

  • Pay the last instalment of the Bank of Maharashtra loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Bank of Maharashtra branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that the borrower has paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Bank of Maharashtra Personal loan part payment. To reduce the interest burden, borrowers opt for foreclosure or part payment of the loan.

Required Documents for Bank of Maharashtra Personal Loan Closure

The documents required for Personal loan closure are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates, payment receipts from Bank of Maharashtra.

FAQs

What is the pre-closure fee for personal loan?

Pre-closure fee or foreclosure charges is a penalty levied on a borrower when he prepays the personal loan before the end of the tenure. Pre-closure helps the borrower in reducing the interest burden. Bank of Maharashtra allows part payment of personal loan after 1 Month at .

Can we close personal loans online for Bank of Maharashtra?

No, you cannot close the personal loans online for Bank of Maharashtra. Individuals are required to visit the Bank of Maharashtra Branch to close the personal loan.Below are the steps to close the Bank of Maharashtra personal loan:

  • Visit the nearest Bank of Maharashtra branch.
  • Carry necessary documents like identity proof, address proof,and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Bank of Maharashtra will give the acknowledgement letter and NOC.

Does foreclosure of loan affect CIBIL?

Foreclosure may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.


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